OSB Market to Reach $6.4Bn by 2026

Global offshore support vessels supply base (OSB) market to reach around USD 6400 million by 2026 and is increasing at a CAGR of 5.4% during forecast period.

According to a report by Facts & Factors, an increase in offshore investments in emerging economies is one of the primary driving factors of offshore support vessels supply base market. Companies in Liberia, Ghana and other African nations have increased the offshore expenditure to enhance their operational footprint.

In addition, as a result of the increased population, the demand for energy has increased in Asia-pacific. This has led to an increase in demand for offshore services and equipment warehousing across countries such as China, India, and others.

One of the challenges hindering the growth of offshore support vessels supply base market is fluctuations in oil prices. Countries such as the U.S., Russia, and others faced drop in oil & gas expenditure, as a result, the revenues of several companies operating in the oil and gas industry in these countries faced challenge to increase productivity.

By type, the market is divided into services and equipment. The services segment may include functions such as traditional logistics management, logistic maintenance services, warehouse service management among others.

Increasing investments made by these countries has upsurged the demand for offshore support vessels supply base market.

However, the equipment segment led the global offshore support vessels supply base (OSB) market by accounting to a market share of 59% in 2019. On the basis of expenditure, the OPEX segment dominated the global Offshore Support Vessels Supply Base (OSB) market with a CAGR of 5.8%.

Geographically, the global OSB market was dominated by the Asia Pacific by generating revenues worth nearly USD 9318.8 million in 2019. This dominance is majorly attributed to the increased need for energy owing to the population growth in countries such as China, India and south-east Asian countries. However, Europe is set to witness the second-fastest growth of around 4.6% over the forecast period.

Some of the essential players operating in the OSBs market include TPK logistica SA, NorSea Group, ASCO Group, Myint& Associates OSB, PetroVietnamTechnical Services Corporation, Royal HaskoningDHV, SurbanaJurong Private Limited, Peterson Offshore Group, Consult Myanmar and INC Group among others.